That follows an announcement by Coinbase — the largest cryptocurrency exchange in the US — that it is setting up a platform which will allow merchants to accept e-commerce payments in Bitcoin, Bitcoin Cash, Ethereum and Litecoin.

While Bitcoin prices appear to have steadied after bouncing off recent lows, the market remains subject to significant volatility as it faces increasing regulatory scrutiny.

The catalyst for the latest rise was a congressional hearing in the US, where two financial regulators — the CFTC and the SEC — said they would take a “do no harm approach” to the crypto market, while monitoring initial coin offerings (ICOs) more closely.